Huge
amounts of funds are lying unclaimed and/or without knowledge of
customers/depositors in suspense and inoperative accounts of banks of India.
These banks also include large number of private, multinational and
co-operative banks. It is grossly against national and public interest to leave
such enormous amount of public-money especially in private, multinational and
co-operative banks.

Reserve
Bank of India (RBI) should issue a directive that all banks may inform their
customers/depositors by registered post about their funds lying for more than
say three years in such suspense and inoperative accounts for being claimed in
a time-bound period. After expiry of such time-bound period, all such unclaimed
funds should be transferred to a special fund at RBI from where it may be
claimed afterwards by claimants either directly from RBI or through concerned
banks. Similar system should be for deposits and accounts in post-offices. It
should not be difficult because already such a system exists for unclaimed
dividends in companies.